New York-based private equity firm Gamut Capital Management L.P. has signed an agreement to acquire Davis-Standard LLC and its affiliates from ONCAP, the middle-market private equity platform of Onex.
Based in Pawcatuck, Conn., Davis-Standard designs and manufactures extrusion and converting systems for a broad range of uses. It has an installed base of approximately $7.5 billion of equipment globally.
“We are excited to partner with the Gamut team during this next phase of Davis-Standard’s long history as a provider of highly engineered solutions to an extensive base of industry-leading customers. The resources Gamut brings to this investment will enable us to not only accelerate growth within our markets but also transform Davis-Standard into a leading, value-added global process solutions business,” said Jim Murphy, CEO of Davis-Standard. “We achieved great growth and performance under ONCAP’s successful ownership and look forward to leveraging the strong foundation we built as we move into our next phase of growth.”
The transaction is expected to close by year’s end. Financial terms were not disclosed.
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